THEON Invests in Varjo, Kopin, eMagin, and ALEREON Under THEON NEXT Initiative

In Augmented Reality and Virtual Reality News

August 26, 2025 – THEON, a provider of advanced defense technologies, has this month announced a series of investments and partnerships under its THEON NEXT initiative, aimed at expanding capabilities in digital and augmented reality (AR) defense technologies. The program focuses on augmented and virtual reality (VR) systems, micro-displays, and wireless connectivity for next-generation soldier equipment.

Kopin investment to establish joint AR venture in Europe

THEON will invest USD $15 million in Kopin Corporation, a U.S.-based defense micro-display company. The investment includes a USD $7 million convertible loan and an USD $8 million acquisition of a 49% stake in Kopin’s Scottish subsidiary. The subsidiary will serve as the base for a new European joint venture to produce AR-enabled systems and microLED displays.

THEON’s U.S. subsidiary will also move industrial operations to Kopin’s facility in Virginia, which will become the U.S. manufacturing hub for THEON’s AR-enabled and future digital electro-optic products. USD $8 million has been earmarked to support development over the next five years.

eMagin supply agreement for OLED micro-displays

The company has also signed a two-year renewable supply agreement with eMagin Corporation, a U.S. maker of OLED micro-displays used in military aviation, night vision, AR/VR, and other near-eye imaging applications. eMagin supplies most OLED displays for THEON’s systems, including its A.R.M.E.D. product line.

ALEREON partnership on secure wireless communication

In addition, THEON has partnered with ALEREON, a U.S. provider of ultra-wideband wireless technology. ALEREON’s protocol, already used by the U.S. Army, enables secure and jam-resistant communication between soldier devices. THEON will integrate the technology into its products, with production in Greece and regional distribution in Europe and the Middle East.

Varjo investment to advance VR/MR defense training

Finally, THEON has made a EUR €5 million strategic investment in Varjo, a provider of industrial-grade virtual and mixed reality (VR/MR) hardware and software. The companies plan to collaborate on immersive systems for defense training and simulation.

The companies stated they will collaborate on product and business initiatives, combining THEON’s expertise in defense systems with Varjo’s VR/XR hardware and software to advance applications in high-fidelity training and simulation.

Varjo stated that the investment will strengthen its ability to deliver military-grade realism using immersive technologies, while also supporting THEON’s broader digital expansion under the THEON NEXT initiative.

“Our investment in Varjo under the THEON NEXT initiative deepens our reach into the European innovation ecosystem and gives THEON access to unique capabilities in visual display systems and projection technology,” said Christian Hadjiminas, CEO of THEON. “THEON has managed to sign such pioneering agreements, ensuring it retains its leading position in man-portable electro-optics. We are very proud that these arrangements bring the US and Europe closer together to develop the next generation of soldier-borne systems.”

The partnership initially involves operations in the United States, the United Kingdom, Finland as well as Greece and will be eventually enlarged into Germany and Belgium where THEON’s EU thermal/digital hub is being established.

THEON stated these agreements reinforce its roadmap for digital defense technologies and deepen industrial cooperation between the U.S. and Europe.

Image credit: THEON / Varjo / Kopin

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